High stakes for LUNC as token burn approaches: Here’s everything to know!
The post High stakes for LUNC as token burn approaches: Here’s everything to know! appeared on BitcoinEthereumNews.com.
LUNC’s ascending triangle pattern and technical indicators suggest a possible bullish rally if it breaks resistance at $0.00012519. High volume surge and short interest imbalance could drive a strong price movement post-burn. Terra Classic [LUNC] has triggered excitement across the crypto community with a bullish breakout from an ascending triangle pattern, positioning itself for a potential rally. With the highly anticipated burn of 270 billion LUNC tokens scheduled for October 31st, the market is buzzing with speculation. Trading at $0.00009937 and up 5.15% at press time, LUNC faces key resistance that could determine its next move. But can it keep this momentum? Ascending triangle pattern signals bullish potential The ascending triangle pattern formed by LUNC suggests growing bullish interest, as each attempt at the upper resistance shows buyers willing to push prices higher. This structure, often a sign of strong uptrend potential, implies LUNC could see significant gains if it breaks above the resistance level at $0.00012519. Consequently, traders are watching this key price level, as a confirmed breakout could trigger a wave of buying. However, failure to hold this pattern may lead to sideways movement or even a pullback, dampening recent optimism. Source: TradingView What do the Bollinger Bands and STOCH RSI reveal? Examining technical indicators offers more clues about LUNC’s position. The Bollinger Bands (BB) are tightening, indicating reduced volatility but also signaling a possible breakout on the horizon. Therefore, if LUNC breaks above the resistance, the widened bands could support a strong move upward. Additionally, the Stochastic RSI reveals an overbought condition, with values reaching 93.61 and 82.58. This suggests potential profit-taking by some traders in the near term. However, as long as the price stays above crucial support levels, the upward trend may persist, giving LUNC a solid foundation for further gains. Source: TradingView Volume surges…
Filed under: News - @ November 1, 2024 3:17 am